Canelo Alvarez has turned down a vacant IBF super middleweight title fight with heavy-handed Cuban Osleys Iglesias.The red and gold strap is one of the four major sanctioning body belts Terence Crawford snatched from Canelo in September.Crawford snatched the WBA, WBC, IBF and WBO 168lbs titles from Canelo in SeptemberGettyHowever, those titles have since fragmented following Crawford’s retirement.In December, the IBF looked to install a new champion by ordering No. 1-ranked Iglesias against No.3-rated Canelo, who sits one spot below an empty No.2 position.As Canelo has passed up on the opportunity, the IBF are due to move back down their rankings to find the next available contender to take on Iglesias.At the time of writing, Jaime Munguia is ranked No.4 after being cleared of all wrongdoing relating to a failed drugs test following his win over Bruno Surace in May. Britain’s Callum Simpson currently occupies the No.5 slot, although he is very likely to be removed in the next update after being knocked out by Troy Williamson on December 20.The current rankings only take into account results up until November 30, with a fresh top 15 expected to be published in the coming days.What is next for Canelo Alvarez?Canelo’s decision to reject the Igelias fight comes as little surprise to those in the know.The Mexican’s trainer and manager, Eddy Reynoso, confirmed last month that Canelo would forgo his usual Cinco De Mayo weekend date and elect instead to return to the ring in September.Canelo underwent arthroscopic surgery on his left elbow in October, which requires 12 to 15 weeks to recover from.He was scheduled to return in February as part of his four-fight deal with Riyadh Season, but surgery was expected to delay his comeback until May.GettyIglesias will be ordered to face the next available contender in the IBF rankings[/caption]That has since been pushed back a further four months, with Canelo aiming to box on Mexican Independence weekend.Against whom remains a mystery. A rematch with Crawford is out of the question, not only because ‘Bud’ has now hung up his gloves, but also because of the lopsided nature of the defeat.When Canelo signed his money-spinning deal with Turki Alalshikh in February 2025, a rematch with Dmitry Bivol was floated around as a possible option.However, Bivol is expected to box mandatory challenger Michael Eifert before taking on Artur Beterbiev in a trilogy bout.Brit’s Hamzah Sheeraz and Chris Eubank Jr were also mentioned. It remains to be seen where Eubank Jr goes from his defeat to Conor Benn, while Sheeraz has been ordered to box for the vacant WBO and WBC super middleweight titles, respectively.